MC LEOD AND CO LTD Vs. STATE BANK OF INDIA
DEBTS RECOVERY APPELLATE TRIBUNAL
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Arunabha Barua, -
(1.) THE matters for the present relate to an application under Section 21 of the RDDBFI Act, 1993, for waiver of pre-deposit of 75% of the amount by the appellant in filing the appeal and another application for stay of recovery proceedings being R.P. No. 41/2001, arising out of Original Application No. 209 of 1996.
(2.) There was a settlement or compromise arrived at by and between the parties for a sum of Rs. 1, 97, 59, 566, 86, out of which, the petitioner states, a sum of Rs. 96, 97, 392/- being nearly 49% of the said settled amount has already been paid and duly accepted towards pro tanto satisfaction of the settlement by the Bank without any objection.
That settlement or compromise was, however, done at the stage of execution i.e. at the stage of recovery proceeding before the Recovery Officer pursuant to the order of the D.R.T. and issuance of certificate in favour of the Bank (respondent No. 1) and against the defendants including defendant No. 1 i.e. appellant, Mc Leod & Co., way back in 2001 for a sum of Rs. 1, 92, 01, 017.40.
(3.) AT the said execution proceeding in respect of Rs. 1, 92, 01, 017.40 plus interest @ 9%, from 1st June, 1972 till the actual realization, the Recovery Officer was landed in a sort of legal tangle with regard to the acceptance of the said compromise settlement to the tune of Rs. 1, 97, 59, 566.86 and hence he made a reference to the Presiding Officer of the concerned Debts Recovery Tribunal (D.R.T, for short) for appropriate orders.;
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